Oil & gas discussion group for those interested in Slope County, ND. Share your experience regarding lease bonus, royalty rates, drilling activity, and oil & gas news.
Is it treated as income or capital gains?
Thanks
FYI - Slope Mineral Owners.
Today, August 2, 2011; was the ND State Auction, and Slope County had 46 parcels to lease.
Of those, a company named CLASSIC PETROLEUM, INC was very likely there representing Chesapeake Oil; won the bids on 22 of them, price
ranging from $825-$1650 an acre. So, those of you unleased on your
acres, hold out for more than peanuts that are being offered.
Another company that competed aggressively, won the bids on 23 of them. A company representing Marathon Oil-listed as Pacer Energy, for the auction.
For those of you that have minerals in Hettinger County also, the 24 parcels of land for auction, was all leased by CLASSIC PETROLEUM,
INC.;–very likely-AKA-Chesapeake Oil; price per acre ranging
$825-$1425.
Is it treated as income or capital gains?
Thanks
FYI - Slope Mineral Owners.
Today, August 2, 2011; was the ND State Auction, and Slope County had 46 parcels to lease.
Of those, a company named CLASSIC PETROLEUM, INC was very likely there representing Chesapeake Oil; won the bids on 22 of them, price
ranging from $825-$1650 an acre. So, those of you unleased on your
acres, hold out for more than peanuts that are being offered.
Another company that competed aggressively, won the bids on 23 of them. A company representing Marathon Oil-listed as Pacer Energy, for the auction.
For those of you that have minerals in Hettinger County also, the 24 parcels of land for auction, was all leased by CLASSIC PETROLEUM,
INC.;–very likely-AKA-Chesapeake Oil; price per acre ranging
$825-$1425.
I still had the last page cached. Not much info, but a little bit. Hope it helps.
Hi. Any news about leasing in Slope? I have 360 acres in Township 134N 100W
We were offered 300.00/acre with 16.6% royalty; 5 year lease.
Rachel, Wondering about the location of your mineral rights. My family owns some as well and have not been contacted.
I am new to this leasing had no idea Grandmother still held Mineral rights on land that was sold many years ago. All living grand children have been contacted for lease agreements in Mord Township, I am wondering how to contact neighbors that still own mineral rights. DEW
For some reason I was deleted from this group last summer. At any rate, I thought I would let anyone interested know that I leased my rights in T135N, E98W to Exterra last June for $200 per acre and all went well. I was paid promptly and told they would notify me as soon as the lease was filed, however they have never done so.
Robert, Thanks for the info on your lease. What sections are you in? We are in 7 & 18 & have not been contacted.
Oops, that should be R98W not E.
Hi Robert,
Yes, your lease was recorded on June 27, 2011. Now the wait begins, for getting permitted and drilled.
Good Luck,
Susan
My lease is in section 22, T135, R98w. Does anyone know how to check to see if a lease has been filed? Thanks.
Hi all, just found this on the Feb 28th Dockets. Happy to see they’re becoming more active in Slope County.
Case No. 16947: Application of Marathon Oil Co. for an order creating five 1280-acre drilling units consisting of
Sections 3 and 10; Sections 27 and 34; and Sections 30 and 31, T.135N., R.99W.;
Sections 15 and 22, T.136N.,R.98W.;
and Sections 29 and 32, T.136N., R.99W.;
all in Slope County, ND, and allowing a horizontal well to be drilled in the Three Forks Formation in each such drilling,
and such other relief as is appropriate.
Now I’m really wondering what to do.
I checked the stubs from our bonus checks, and they weren’t a 1099.
Also leases dating back from 2006, 2001, 1996 have no 1099’s in our tax records. Previous years, the bonus amounts didn’t amount to a large sum of money, but 2011 was sizable enough that the government would surely take notice. We will be claiming it among our unearned income, as we did previously, but I’m wondering if we should contact the landsman that leased us.
That is fabulous news for you, exciting to know it’s going to happen.
I hope they find very good production, so that they don’t move out like Chesapeake is planning to do.
Very good for anyone else that is currently being offered a lease with Marathon, to know that they honor the bank draft and not cold draft the mineral owners.
I haven’t kept up with everything or know where to find it, thank goodness for this forum it sure does sound like good news! We got the 1099 yesterday from Marathon now for the bad news…ha.
It is Pacer and they are in Co. I just wasn’t 100% sure. 1099 was what Marathon paid us for the 3 year lease Aug. 2011. I am thankful for a good accountant about to mail everything off to him.
Hmmmm, I will have to check back to other leasing years to see if we’ve ever gotten a 1099. I don’t recall them. When the bonus checks came for the 2011 leases, it was a check with a description stub; but I will check them too, to see if those were the 1099. They didn’t look like a typical 1099 if they were.
Just read on the Bakkenblog that the state will not auction off acres within the Badlands on Tues. Could this create more demand for privately owned mineral acres?
I think this is good news? We leased to Marathon for 3 years who btw were good about the bank draft , communication ( Pacer). We are section 99w and 135 n Section 3 and section 35 north half.